Newest of the Newbies

Hello everyone,

I am Jeff. I have been an electronics technician for the past 25 or so years, and I have watched as my career has been circling the drain for the past 10 years. I have determined that trading is the wave of the future for people like me who are not yet retired, but are too old to start a new job with a new company. I realize that age discrimination is against the law, but it happens, and it is very hard to prove. So, I need to learn how to trade on binary options. That seems to be where the quicker money is, not that I’m looking for a get rich quick scheme; I’m just looking to create a usable, sustainable income that I can develop from the comfort of my own home.

I will be interested in learning what has worked for everyone else and maybe learning to implement your strategies. I know not all strategies work for everyone since there are many variables involved in getting in and out of a trade, but with a demo account at, I can play around with some and see what works and what doesn’t. I’ve already learned a bit about what doesn’t work. Flying by the seat of your pants is not a good strategy. My Demo account has gone from the original $25,000 down to a little less than $21,500. So, I am certainly no genius with this, yet, but I have determination. I can think of nothing better than sitting in front of my computer everyday, maybe three days a week, and earning $1500 a day from trading. That would certainly create a lifestyle I could live with.

So, any and all information, suggestions, whatever anyone has to send in my direction, I am all ears, and it will be very much appreciated. And, anything that I figure out in the process, that may not exist on this site, I will certainly share.

Hi Jeff, and welcome to the forum.

I was with you all the way, until you mentioned “binary options”.

Trading binary options rather than normal forex positions is putting yourself under a [B][U]huge[/U][/B] additional handicap, in a field of endeavour in which overall success-rates are very low to start with, because as well as all the problems that all aspiring traders need to be able to overcome, you’re giving yourself a very substantial built-in house edge to overcome, [I][U]as well[/U][/I], thus stacking an already very tricky deck even further against yourself. A really [I]long, slow, careful[/I] read through this thread may help you [U]greatly[/U]: 301 Moved Permanently

The operative word there is “seems” (and to the extent that that’s true, it’s an additional reason for [I]avoiding[/I] binaries).

Staying well away from binaries can only help you in that eventual objective.

If it helps at all, this was how I learned, myself - and these are the key (and very common!) mistakes to avoid at the outset.

Good luck! :cool:

Hello and a special welcome to babypips. My name is John. Take it from me do not touch binary. As soon as you show any amount of proffit they set their computers against you. I made 6K in a month. Lost it all in a week. Another account lost 2K mainly profit. They shut my account down. I have come over to forex. As for $1500 a day. Either you will need .huge deposit or take risky trade or both. I am still learning but am working on maybe 1% of my account balance profit per month trading 3 days per week. Maybe a little more but that is my base goal to start. But please dont be discouraged. No one has sugar coated things for me here but I am in for long haul to build a retirement fund I dont have.

Happy trading. John

Hi, Jeff and welcome to the forum. I don’t like to be negative but many people here including myself will advise you to stay away from Binary Options as it’s basically gambling and most of the sites are pure scam. Take a look at this thread: 301 Moved Permanently
It’s just not that of a good idea. I know it seems like you can get rich in a short time but rest assured that this is not the case. This is what the binary options sites wants you to think so they ca easily trick you. There are many people which have been robbed this way. Spend some time in this forum, it could help you find your way. Good luck! :slight_smile: